Nextpower (NASDAQ:NXT) CEO Daniel Shugar Sells 67,636 Shares of Stock

Key Points

• CEO Daniel Shugar sold 67,636 Nextpower shares at an average price of $103.07, generating approximately $6.97 million. The sale occurred under a pre-arranged Rule 10b5-1 trading plan and reduced his direct ownership by 7.2% to 871,131 shares.
• Nextpower’s stock rose 1.9% to $104.88, while its latest quarterly results exceeded expectations with earnings per share of $1.20 versus the $1.05 consensus estimate. Revenue was approximately $935.17 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $146.12, despite some recent target reductions and one downgrade to “Hold.”

Nextpower Inc. (NASDAQ:NXT - Get Free Report) CEO Daniel Shugar sold 67,636 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $103.07, for a total value of $6,971,242.52. Following the transaction, the chief executive officer directly owned 871,131 shares in the company, valued at $89,787,472.17. The trade was a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Trading Up 1.9%

NASDAQ NXT traded up $1.97 during trading on Tuesday, reaching $104.88. 1,336,472 shares of the company's stock were exchanged, compared to its average volume of 2,480,693. Nextpower Inc. has a fifty-two week low of $52.61 and a fifty-two week high of $163.13. The firm has a market capitalization of $15.91 billion, a PE ratio of 27.17, a P/E/G ratio of 2.07 and a beta of 1.95. The company's fifty day simple moving average is $112.65 and its 200-day simple moving average is $116.48.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.15. The company had revenue of $935.17 million for the quarter, compared to analysts' expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Equities analysts forecast that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

NXT has been the topic of several research reports. Needham & Company LLC reiterated a "buy" rating and issued a $149.00 price objective on shares of Nextpower in a research note on Friday, May 29th. Weiss Ratings downgraded shares of Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Susquehanna dropped their price target on shares of Nextpower from $168.00 to $157.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Jefferies Financial Group restated a "buy" rating and set a $131.00 price target on shares of Nextpower in a report on Friday, July 31st. Finally, Glj Research reaffirmed a "buy" rating and issued a $149.00 price objective on shares of Nextpower in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $146.12.

Hedge Funds Weigh In On Nextpower

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Smartleaf Asset Management LLC raised its stake in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company's stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock worth $28,000 after purchasing an additional 223 shares in the last quarter. Signature Equity Partners LLC lifted its stake in Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after purchasing an additional 113 shares during the period. Huntington National Bank grew its stake in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company's stock valued at $33,000 after purchasing an additional 317 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock worth $37,000 after buying an additional 182 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

About Nextpower

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.

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